If you have Just two hosts, Then it would be a better Idea to do a fresh install of the VC , should work good.
Make a new VM and install database on it. Import the backup of the Database you had taken and then on the VCenter machine, start the installation.
and you have to create a new ODBC connection before you start the installation
5.1 does work good on 2008 R2.
Thanks,
Avinash